There have been recent calls for the study of Performance measurement systems (PMS) of emerging economies. This research fills the gaps of under-researched areas in PMS of a developing economy by focusing on PMS in the Nigerian banking industry whiles comparing it with that of a developed country — the United Kingdom. The study assesses the characteristics and appropriateness of PMS utilised in both banking industries, as well as the linkage of PMS to banks’ strategies. Using a survey research strategy, data were collected by distributing copies of research instruments to top managerial staff in 15 retail banks in each country, making a total of 30 sampled banks. Inferential statistics such as correlation analysis, Kruskal Wallis test, Wilcoxon test and Friedman’ two way Analysis of Variance (ANOVA) were utilised to examine relationships among study variables. It was observed that though the PMS utilised in the two banking industries are similar in types, there are variations in the composition of their traditional PMS. The PMS adopted in the Nigerian banking industry are more traditional in nature, while UK banks use innovative PMS. Also, the three most common PMS in the two banking industries are the Balanced scorecard, Performance dashboards, and Financial measures.